{
    "success": true,
    "data": {
        "leverage": false,
        "derivatives": false,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "ucits": true,
        "type": "ETF",
        "complex_factors": [],
        "classification": "non-complex",
        "supporting_data": "The First Trust Dow Jones Internet UCITS ETF is classified as non-complex primarily because it is a UCITS compliant fund. MiFID II, as clarified by ESMA (CESR/09-295, Section 4, Paragraph 69), presumes UCITS to be non-complex by definition, regardless of their underlying investments, for the purpose of the appropriateness requirements. The fund explicitly states it is a UCITS ETF, regulated by the Central Bank of Ireland.Furthermore, the fund employs a physical replication strategy, aiming to replicate the Dow Jones Internet Composite IndexSM by holding the underlying equity securities in similar proportions. This is a transparent and straightforward method of tracking an index, which supports a non-complex classification. The Key Investor Information Document (KIID) does not mention the use of derivatives for achieving its investment objective or for synthetic replication, nor does it indicate any swap usage. It also does not mention significant leverage or any inverse strategy.While the fund's risk and reward profile is rated 7 out of 7, this high-risk rating is attributed to market and sector-specific volatility (information technology and internet companies), which is distinct from structural complexity under MiFID II. The index it tracks is a transparent equity index with publicly available methodology. There are no indications of complex features such as embedded derivatives, capital protection with complex structures, or opaque underlying assets that would render it a 'structured UCITS' (as defined by ESMA35-36-1640, Section 2.1, page 9, footnote 12) and thus override the non-complex presumption for UCITS. The ease of understanding the fund's objective, investment policy, and general risks supports its non-complex classification."
    }
}